Marching To Debt Freedom – Couple #3 – Month 04
Introduction
This couple has been married for many years and have one child. They have HAD IT with their debt and have been marching toward debt freedom since November 2007. They are THROUGH with credit cards.
What went well this month …
We transferred part of our Bank of America balance to the “Discover – 2” card at a much lower interest rate. We are trying to eliminate the Bank of America card due to the fact that they are increasing interest rates, even though they have not “attacked” us yet. We also transferred the 29.9% VISA to a 0% Citi Card. We are also able to TITHE (give to the church)! That is so exciting to us!
What were the challenges/struggles this month …
The bonus we were expecting was not nearly what we had hoped for. We decided to plop it in the Capital One 360 Savings Account and save it for property taxes.
Updated Debt Freedom Date …
Month By Month Progress …
Sangl Says …
Couple #3 transferred a 29.9% balance to a 0% interest card. That is AWESOME! The balance on that card was $5,629. With this one change, they are able to save over $1,600 a year in INTEREST! That means that nearly $140 of the $205 monthly payment was going toward interest. It is now going to principal reduction. WAY TO GO!
Continue working the interest rates to 0% or close to it. It will really speed up your Debt Freedom March!
Couple #3 has been able to start tithing to their home church as well. That is AWESOME! I know that if Jenn and I were not able to give, I would be very unhappy. I love giving! There is something so powerful in being able to support someone or something that you really believe in.
I can not wait to see next month’s update!
Readers …
As you can see from Couple #3’s Debt Freedom March, it takes work to get some traction. Couple #3 is doing the work necessary to take their finances to the next level. Are you doing the work necessary to manage your money to the ABSOLUTE BEST of your ability?
Read the Debt Freedom March updates for Couple #1 and Couple #2
Want to start your own Debt Freedom March? Check out the free tools HERE. My book also teaches you how to use all of the free tools. You can purchase your copy at AMAZON.COM or via PAYPAL!
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